Sept. 2003 NY Times Article: New Agency Proposed to Oversee Freddie Mac and Fannie Mae
It seems that the Democrats and Liberal media has decided to slam President Bush on this whole economic crisis. But the truth is that back in 2003 President Bush recommended a regulatory overhaul in the housing finance industry. A dramatic change in the industry since the savings and loans crisis back in the 80’s to early 90’s.
The plan is an acknowledgment by the administration that oversight of Fannie Mae and Freddie Mac — which together have issued more than $1.5 trillion in outstanding debt — is broken. A report by outside investigators in July concluded that Freddie Mac manipulated its accounting to mislead investors, and critics have said Fannie Mae does not adequately hedge against rising interest rates.
The Republicans tried to get regulation but the Democrats in Congress shot down this piece of legislation and so now here we are.*
* Correction- So I did more research on this piece of legislation and found the bill that was introduced. Only one person sponsored it and it never even made it to the house. The bill was H.R. 2803 The Housing Finance Regulatory Restructuring Act of 2003. So I’m sorry if I had accused just the Democrats of shooting this down, it is both Republicans and Democrats faults.
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- Fannie, Freddie spent $200M to buy political influence
- Rudman Report on Fannie Mae and Freddie Mac in March 2006
Tags: congress, Democrats, economic crisis, fannie mae, freddie mac, mortgage crisis, ny times, president bush, Republicans, savings and loan crisis
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November 30th, 2008 at 12:23 pm
In 2003, Republicans controlled the House and the Senate.
http://en.wikipedia.org/wiki/108th_United_States_Congress
November 30th, 2008 at 12:27 pm
Wow kevin Colby, it must be hard work looking this stupid all the time… guess who controlled the congress in 2003? Yup, the Republicans!
Damn you suck at this, and don’t worry, my feeling won’t be hurt when you scrub my comment, and remove this retarded post -if it even makes it on the site.
Wow, you’re such a patriot and a fine American!
http://wiki.answers.com/Q/Which_party_controlled_the_US_congress_in_2003
November 30th, 2008 at 12:28 pm
Even if the Government regulated things don’t you think that things would have transpired within the Fannie Mae and Freddie organizations?
There are no checks and balances and nothing benefits the US Citizens either way.
When was the last time you called your state’s senator and got through to speak to him?
Get over it, the Government will do what they want, when they want, you have no say.
November 30th, 2008 at 12:28 pm
they didn’t have enough of the majority you idiots
November 30th, 2008 at 12:36 pm
How much of the majority does one need?
November 30th, 2008 at 12:38 pm
61
November 30th, 2008 at 1:43 pm
Welcome to bizzarro world where the whole problem is that the democrats resisted republicans efforts to regulate financial markets. Yea, that sounds plausible. Why is there no mention of a specific bill that was introduced by republicans or voted down by democrats? The bottom line is that both Democrats and republicans were more interested in pleasing their lobbyist/campaign contributors than in being responsible stewards of the public trust.
November 30th, 2008 at 2:01 pm
I found the original bill, and it is true that Democrats and Republicans are at fault. http://www.govtrack.us/congress/bill.xpd?bill=h108-2803
November 30th, 2008 at 7:00 pm
Jeez, guys. The bill never got reported out of committee.
Now. How do we find out committee membership so we can blame a particular party?
Let’s see, we have the Internet. Let’s go looking to see in which committee it was engrossed! And then check party membership! (The answer is going to disappoint you Republicans)